How JustAnswer Works:

Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.

Get a Professional Answer

Via email, text message, or notification as you wait on our site.Ask follow up questions if you need to.

100% Satisfaction Guarantee

Rate the answer you receive.

Ask R. Klein, EA Your Own Question

R. Klein, EA, Enrolled Agent

Category: Tax

Satisfied Customers: 3328

Experience: Over 20 Years experience

63817126

Type Your Tax Question Here...

R. Klein, EA is online now

m helping out in our payroll dept, the payroll mgr is on Loa.

Resolved Question:

m helping out in our payroll dept, the payroll mgr is on Loa. employee said his w2 is incorrect from a previous year. how do I calculate it? His 401k pretax and roth are wrong on his w2 I confirmed it with the 401k administrator. Im not sure how to recalculate it to provide him with a w2cit's for 2008

Since the year is already closed, the only thing you can do is indicate on the W-2c the amount of the 401k contributions actually made. You can't go back and recompute the amounts based on percentages or anything like that. So the amount that was actually sent to the 401k company and taken out of his gross pay is the number that should appear in Box 12 of the W-2.

Was this a Roth 401K contribution or just a traditional 401k contribution? The only difference on the W-2 would be the code letter.

Do not take into account any company matches to the 401k. The only part that goes on the W-2 is the actual employee contribution amounts.

You may need to go through each paycheck and add up the deductions from each weekly or bi-weekly paycheck.

You will need to print out the employee's paycheck records for the year and add up the contributions deducted from the checks. Every paycheck created should have a breakdown of gross pay and all deductions.

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. OrvilleHesperia, California

Ask a Tax Professional

Get a Professional Answer. 100% Satisfaction Guaranteed.

54 Tax Professionals are Online Now

Type Your Tax Question Here...

characters left:

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.